VanEck is a global investment management firm, overseeing approximately $100 billion in assets across ETFs, mutual funds, and institutional accounts. Founded in 1955, the firm is known for its pioneering approach to international investing and thematic strategies.

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VanEck

# VanEck Capital deployed Methodology

## 1. Overview

Capital deployed measures the total outstanding supply of VanEck's VBILL token across multiple blockchain networks. This metric represents the total capital currently deployed in VanEck's tokenized treasury bill fund. The calculation uses different methodologies optimized for each blockchain's data structure: event-based analysis for EVM chains and balance aggregation for Solana.

## 2. Data sources

The calculation relies on several blockchain data sources:
- **EVM token transfers**: Parsed `Transfer` events from Ethereum, BSC, and Avalanche networks for the VBILL token contracts
- **Solana token balances**: Daily token balance snapshots for all accounts holding VBILL tokens on Solana
- **Token metadata**: Contract-specific information for decimal normalization and validation
- **Chain availability data**: Network status information for filtering and validation

## 3. Step-by-step calculation

### Component A: EVM chains mint and burn tracking
- **Purpose**: Calculates outstanding VBILL supply for Ethereum, BSC, and Avalanche by tracking mint and burn events
- **Logic**: Extracts `Transfer` events for specific VBILL token contracts on each chain. Identifies mint events as transfers where `from_address` equals the zero address (`0x0000000000000000000000000000000000000000`) and `to_address` is not the zero address. Identifies burn events as transfers where `to_address` equals the zero address and `from_address` is not the zero address. Uses hardcoded token contract addresses: Ethereum (`0x2255718832bc9fd3be1caf75084f4803da14ff01`), BSC (`0x14d72634328c4d03bba184a48081df65f1911279`), and Avalanche (`0x7f4546ef315efc65336187fe3765ea779ac90183`)
- **Key fields**: `block_timestamp`, `from_address`, `to_address`, `token_address`, `value` (converted to `amount`), `chain`

### Component B: EVM supply calculation
- **Purpose**: Processes mint and burn events to calculate running outstanding supply
- **Logic**: Combines mint and burn data by treating burns as negative amounts. Applies decimal correction using token metadata to normalize amounts. Aggregates all transactions daily by chain and token address using sum aggregation. Calculates cumulative outstanding supply using a running sum window function partitioned by chain, version, and token address, ordered by timestamp. Fills forward missing dates to ensure continuous daily time series
- **Key fields**: `timestamp`, `chain`, `token_address`, `amount`, `outstanding_supply`

### Component C: Solana balance aggregation
- **Purpose**: Calculates VBILL outstanding supply on Solana by summing all holder balances
- **Logic**: Extracts daily token balance snapshots for all accounts holding VBILL tokens (token address `34mJztT9am2jybSukvjNqRjgJBZqHJsHnivArx1P4xy1`) from Solana token balance change data. Filters for dates after 2025-03-22 when Solana VBILL was launched. Fills forward missing dates for each individual account to handle periods with no balance changes. Sums all account balances daily to calculate total outstanding supply across all holders
- **Key fields**: `timestamp`, `account_address`, `token_address`, `token_amount` (becomes `amount`), `outstanding_supply`

### Final aggregation
- **Combining components**: Unions the EVM outstanding supply calculations with the Solana outstanding supply calculations into a single dataset, ensuring consistent schema across both methodologies
- **Currency conversion**: Not applicable as this metric measures token quantity rather than USD value
- **Time aggregation**: Data is aggregated and reported on daily boundaries using timestamp truncation to day level
- **Final calculation**: The final capital deployed value equals the outstanding supply of VBILL tokens for each chain and date, processed through the finalize metric macro with fill zeros strategy to handle missing data points and chain availability filtering to ensure data quality

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

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Capital deployed

Capital deployed

Competitive landscape

Chain breakdown